WHICH WAY IS PRICE GOING TO GO - A BREAK & CLOSE ABOVE OR A REJECTION & CLOSE BELOW...... ONLY PRICE KNOWS......
POTENTIAL DAILY BREAK RETEST CONTINUATION TARGET MONTHLY TREND LINE ENTRY / STOP ON 4 / 1 HOUR TIMEFRAME
ANALYSIS GETS A BIT CLOSER CLOSED BELOW MONTHLY S&R .67490 HIT WEEKLY CTL BEARISH OUT LOOK THIS WEEK - TARGET MONTHLY TREND LINE? RESTING ON WEEKLY MA21 & FIB RETRACEMENT 78.6%
Setting out the monthly levels S&R - let me know your thoughts guys...... Working TOP DOWN
Potential LONG Trade if PRICE ACTION confirms, POTENTIAL BUY ZONE is a significant level......if it breaks then that could be the end of the UPTREND....
Potential trade set up thoughts based on large bearish daily candle, creating new daily trend line, new LOWER HIGH
Practising getting zones drawn between closes of previous points - giving me a better idea on zone rather than a specific point or number on a chart.
Practising drawing zones via line charts for EUR USD & Trendlines
This is just showing my thought process for a potential long term trade....... Would certainly have to BACK TEST this as a set up and practice how to manage the Trade during the process......i.e. the 4 hour stop loss idea may lock in valuable profit SHORT TERM but will changing my STOP on a 4 hour timeframe STOP me out before my LONG TERM targets are...
Practising drawing in the S&R zones using the line chart - i find it much easier to see the movement clearer from the close of each week.
Lots of strong BULLISH signs, PRICE reacting well at FIB levels on this chart, strong BULLISH engulfing candle, trading inside monthly trend line, lots of clean air to the left is always a good sign for BULLISH trading. Current weekly candle, DOJI - having a rest of the BULLISH engulfing but also reaching another area of resistance so BUYERS are having a tug of...
again, writing what i see, EUR USD currently looking Bullish on monthly with a return back to 1.1900 will have to look at lower timeframes to consider how to trade this TOP DOWN
Working through the Monthly EUR USD Chart and basically writing what i see, hoping to understand what basic PRICE is telling me........ feel free to critique or add anything glaringly obvious that i miss overall aim to be a 'naked' trader and not use indicators for my trading.......